At Berkshire Hathaway's 1998 annual meeting he told shareholders:
"We haven't found anything to speak of in equities in a good many months. As for how long we'll wait, we'll wait indefinitely.
We're not going to buy anything just to buy it. We will only buy something if we think we're getting something attractive... We have no time frame. If the money piles up, then it piles up.
And when we see something that makes sense, we're willing to act very fast and very big. But we're not going to act on anything if it doesn't check out.
You don't get paid for activity. You only get paid for betting right"
"The trick is, when there's nothing to do, do nothing" - Warren Buffett
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